It seems that everyone and their mother is now following the head and shoulders pattern forming on the daily chart on SPY. They head over to Investopedia, read a couple paragraphs about this magical pattern, and risk management seems to become an afterthought.
Anyways, here's The Pattern:
And I'm not discounting the pattern at all. But zoom into a smaller timeframe, and I see this:
This game may be a little harder than it seems.